Friday, January 23, 2009

It’s official -where are Gordon’s sound fundamentals now?

UK in recession as economy slides

The UK is officially in recession for the first time since the early 1990s, government figures have confirmed. Gross domestic product fell by 1.5% in 2008's final quarter, following on from a 0.6% contraction in the previous three months. That means that the widely accepted definition of a recession - two consecutive quarters of falling economic growth - has been met. It also represents the biggest quarter-on-quarter decline since 1980.

Posted by jack c @ 09:37 AM (892 views)
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6 thoughts on “It’s official -where are Gordon’s sound fundamentals now?

  • a warning from Michael Rowbotham ~~~ January 2002

    Despite the fact that the goods are available, and industries are desperate to sell them, the people of our nation are only granted access to the products of their economy if sufficient and increasing numbers of them first go into debt.

    That this is an outrageous situation is beyond any dispute.

    To allow this arrangement to continue, indeed to worsen it by embroiling people ever deeper into debt via mortgages, insurance, pensions, forcing single parents back to work, manipulating the education system to support employment, whilst all around us the economy is propelling people into a future they have not chosen and at a pace they cannot handle, is to usher in an era of such instability and tyranny, erected upon falsehood and confusion, that the very future of all civilisation and of life itself must be in serious doubt.

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  • @ troy – interesting comments and one’s which ultimately have me thinking all the more about some of S2R1’s previous predictions

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  • quite so jack ~~~ the warnings were there, so why not the predictions? ~~~ likewise

    CONSTANT GROWTH NEEDED TO PAY BACK DEBTS
    We are constantly being lectured about our improvidence, and the iniquity of spending more than we earn, yet the sad fact is that our present financial system depends on a sufficient number of people going into sufficient debt to keep the rest of us in money.

    If people stop borrowing, and try to repay their loans, less money will be created than is constantly being withdrawn from circulation, and there will be a recession.

    In fact, because of the need to repay past borrowing, the economy must be constantly expanding, to keep an adequate stock of money available.

    Hence the obsession with growth.

    This also explains the cut-throat competition for exports: a trade surplus brings money into the UK which has been created by people in other countries going into debt.

    http://www.prosperityuk.com/prosperity/articles/debt1.html

    OUR ECONOMY RELIES
    on DEBT to FUNCTION

    by Gillian Swanson

    Prosperity, May 2005

    btw how’s nemo’s sub ~~~ sshhh! best kept underwater.

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  • I wonder if Gordon Brown will allow the BBC to call a spade a spade and actually talk about the RECESSION now instead constantly referring to it as just an “economic downturn”.

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  • little professor says:

    Hoo boy! The BBC has finally replaced all it’s “Downturn” graphics with “Recession.” The game’s up.

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  • Michael Rowbotham has natural intelligence. The quality a Prime Minister needs.

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